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What does mining mean (in cryptocurrency terminology)?

What does mining mean (in cryptocurrency terminology)?

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Asked by H.Donna, Last updated: Jul 04, 2020

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K. Keturah

K. Keturah

Answered Oct 21, 2019

Mining is an important term in cryptocurrency. It can be called in so many ways. It is known as cryptocurrency mining, crypto-coin mining, or crypto mining. These names are actually referring to the same thing. Mining in cryptocurrency refers to a process that ensures the verification of various transactions you make through cryptocurrency of any kind and ensure that the records are kept inside a digital ledger.

This is how it goes. When you send crypto coins to someone, or you receive it from someone, 2 percent of the total amount is deducted. The 2 percent is the charges for the maintenance of ledger and the service that allows you to send or receive the crypto coins into your account. It is important to note that there is no third party in this. But you have a miner who works to verify the transaction that has been made, and he also gets little reward for doing this.

 

mamunits

Mamunits

Answered Sep 16, 2019

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h. George

Government employee and a part-time content writer.

H. George, Copywriter, MA in English, California

Answered Feb 26, 2018

In cryptocurrency terminology, mining means the process that ensures bitcoin transactions are verified and added to a blockchain. A blockchain is like an accounting ledger. Miners are the people responsible for recording transactions in the ledger and for making sure all transactions are handled securely and safely.

Sellers who accept crytocurrency payments for goods and services pay the miners with newly minted bitcoins. In addition, to be a cryptocurrency miner involves a significant financial investment in hardware and software to solve the cryptographs or complex mathematical codes/cipers. Once a miner’s computer solves the math, they are rewarded with 12.5 bitcoins.

 

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